FAQS
“IRD RISK REVIEW” VS IRD “REQUEST FOR MORE INFORMATION”
Facing an IRD Risk Review is a scary thing. You might have read about Audits, and Risk Reviews. But what does the process (sometimes) look like?
Read MoreHOW TO SHARE STUFF ONLINE
HOW TO SHARE STUFF ONLINE. How to share stuff e.g. files and documents, online and with Epsomtax.com group staff
Read MoreWHAT IS A “LAWYER’S SETTLEMENT STATEMENT”?
Sometimes we ask you for a Lawyer’s Settlement Statement. What is it? Here is a sample one for your reference: Please note: if viewing this on a mobile platform, the document plug-in may not work. In this case, please click the link below. lawyers_settlement_statement.pdf Download File
Read MoreWHO NEEDS A FINANCIAL ADVISOR?
Who needs a Financial Advisor?* Do you? Well, you might be thinking “I need a lawyer… and an accountant. But do I need a Financial Adviser?” Like many people (most, in fact) you probably feel that a Financial Adviser is a bit of an optional extra. We strongly feel that this is not sound thinking.…
Read MoreWHAT IS A LOOK-THROUGH COMPANY? (LTC)
What is a Look-Through Company? This structure – also known as a LTC – is a unique business structure in New Zealand that combines the legal benefits of a limited liability company with the tax advantages of a partnership. Introduced in 2011 as a replacement for the Loss Attributing Qualifying Company (LAQC) regime, LTCs…
Read MoreWHAT HAPPENS IF I MAKE A LOSS?
That’s a good question, and it depends a lot on what entity incurs the loss. Let’s break down the various types and what effect they have. LOOK-THROUGH COMPANY (LTC) If you are a shareholder in a Look-Through Company (LTC) and that company makes a loss, then you get to carry that loss through to your…
Read MoreI’M A NZ TAX RESIDENT WITH OVERSEAS INVESTMENT PROPERTY. DO I HAVE TO PAY NRWT? OR AIL?
Good question. The best answer is: look at the flow-chart below (kindly provided by IRD) Basically, if you have overseas investment property and you have a mortgage with an overseas bank, then you might have to pay NRWT. NRWT is Non-Resident Withholding Tax. Essentially, if you’re paying interest, dividends or royalties to people (and banks,…
Read MoreHOW DO YOU MAKE A COMPANY INTO A LOOK-THROUGH COMPANY?
How do you make a company into a Look-Through Company or an LTC? HOW TO It’s reasonably straight-forward. Once the company is incorporated (click here if you want us to do this for you), you then complete and send off an IR862: Section 1 is fairly self-explanatory, although you may come unstuck at the part where it asks…
Read MoreWHAT IS FATCA? AND WHY IS MY BANK WRITING TO ME ABOUT IT?
What is FATCA? The IRD explains it nicely here. As they put it: The Foreign Account Tax Compliance Act (FATCA) is United States of America (USA) legislation that aims to reduce tax evasion by USA citizens, tax residents, and entities. Essentially, it’s a reporting regime to make sure that USA persons (and New Zealanders with accounts in the…
Read MoreWHAT IS A SOLVENCY RESOLUTION?
WHAT IS A SOLVENCY RESOLUTION? A solvent company is one where the assets are more than the liabilities. An insolvent company is the opposite
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